Business Transition Strategies Research
Advisory Approach
Business Transition Strategies (BTS) is a New England-focused M&A advisory firm that specializes in serving lower mid-market business owners preparing for transitions. Operating under the thesis that business transitions require institutional-quality process management combined with deep regional expertise and personalized service, BTS bridges a critical gap in the M&A market: businesses too large for traditional main street business brokers but too small to attract attention from bulge-bracket investment banks. Founded in 2009, BTS has evolved from a division of New Hampshire Business Sales, Inc. (itself founded in 1976) into a recognized regional powerhouse. In December 2023, BTS merged with Touchstone Advisors, a Connecticut-based M&A firm, expanding its geographic reach and capabilities while maintaining its commitment to lower mid-market clients.
The firm's core philosophy centers on owner preparation, thorough market outreach, and transparent process management. BTS believes that the best outcomes come when business owners have realistic valuations, professionally prepared materials, exhaustive buyer identification, and experienced guidance through complex negotiations. The firm works with company owners whether they are ready to sell immediately or planning for a transaction years down the road, offering both full advisory services and exit-readiness consulting through their proprietary Exit Advantage™ program.
Market Position & Sweet Spot
BTS serves privately held businesses with annual revenues between $2 million and $20 million, representing the lower mid-market segment. This is an underserved market segment where traditional business brokers lack sophistication and large investment banks decline to participate due to deal size economics. BTS has positioned itself as the expert provider for this category, assembling deal teams that include CPAs, M&A attorneys, and wealth managers to guide complex transactions. Their sweet spot consists of founder-owned or family-controlled businesses in manufacturing, distribution, business services, and healthcare sectors where operational complexity creates valuation opacity and where buyers value expert market assessment and professional process management.
Deal Track Record
BTS has completed dozens of documented transactions across diverse industries. Recent notable deals include the sale of Highland Park Market (upscale grocery, 2025, sold to new operator), Wasik Associates (three-generation electron beam processing systems manufacturer, 2024, acquired strategically), PlasTech Machining Fabrication (precision plastics machining, 2023, acquired by DelCam Manufacturing), Endur ID (medical identification wristbands, designed and produced by Capital Resource Partners), Materials Research Furnaces (specialized high-temperature furnace manufacturing, control investment by Industrial Device Investments), JH Dunning's acquisition of Vermont Custom Cabinetry (1906-founded retailer expanding through M&A), CAI Technologies' acquisition of GIS Mapping & Analysis (municipal GIS services consolidation), New Image Coatings/Seal-Once (specialty coatings acquired by UC Coatings of Buffalo), and Pure Flow, Inc. (water purification systems for medical and manufacturing, acquired by East Range Partners with Ivy League-educated new ownership). Case studies showcase successful transitions in precision machining, green products, water purification, magnetics, and industrial services.
The breadth of deal experience demonstrates BTS's capability across multiple industries. Deals range from pure sell-side transactions to recapitalizations, management buyouts, and buy-side advisory for founders seeking growth through acquisition. The firm's involvement in 146 transactions across the Cornerstone International Alliance (a global M&A alliance of 25 firms) in 2021 alone demonstrates institutional scale at a regional level.
Process & Fee Structure
BTS follows a methodical process: (1) Analyze business financials and operations, (2) Develop Estimate of Value (EOV) to align owner expectations with market reality, (3) Create professional Confidential Information Memorandum (CIM) and teaser materials, (4) Identify and outreach targeted buyers (both strategic and financial), (5) Manage buyer evaluation process and confidentiality, (6) Negotiate Letter of Intent and definitive agreements, (7) Support closing and post-acquisition integration. Process duration typically ranges from 6-12 months depending on complexity and buyer identification effort.
Fee structure typically follows a modified Lehman formula or flat percentage model, with retainer components (typically $10K-$25K/month range) credited against success fees. The firm does not publicly disclose exact fee schedules, preferring to negotiate based on deal complexity, size, and specific engagement scope. Exit Advantage™ advisory clients pay for preparation services separately from transaction-based contingencies, aligning BTS incentives with long-term value creation rather than forcing premature exits.
Team & Credentials
Leadership includes Deborah Agrafojo (Partner, M&A Investment Banker), Jeffrey Rich (Partner, M&A Investment Banker, CFA with 25+ years buy-sell experience), and Steven Pappas (Partner, M&AMI). The advisor team includes Ken Schaefer (M&AMI, CMAP, 17+ years M&A experience), Lauren Altschuler (CBI - Certified Business Intermediary), Dave Clough, Mecheal Hamilton, Paul Cronin, and John Howe (former owner, highly active in deal roles). Team members hold prestigious designations including M&A Master Intermediary (M&AMI) and Certified Mergers & Acquisition Professional (CMAP) credentials. Several team members serve on boards of professional organizations including M&A Source and International Business Brokers Association, indicating strong standing in the M&A advisory community.
Industry Expertise
While BTS serves diverse industries, documented transaction history and case study work demonstrate particular depth in manufacturing (both discrete and process manufacturing), distribution and business services sectors. The team includes multiple former business owners and operators, providing credibility when advising manufacturers navigating valuations for special equipment, legacy customer relationships, and production processes.
Regional Reach & Network
BTS operates from offices in Concord, NH and Boston, MA, serving primarily New England (NH, MA, CT, VT, ME, RI) with expansion into NY. The firm is a founding member of Cornerstone International Alliance, providing access to 25 M&A firms globally for larger or multi-regional transactions. Securities transactions are conducted through StillPoint Capital (SEC registered broker-dealer, FINRA member, SIPC member), ensuring regulatory compliance for securities components of transactions.
Competitive Differentiation
BTS differentiates through: (1) Regional expertise and deep New England market knowledge, (2) Institutional-quality processes applied to smaller deal sizes, (3) Deal team approach with CPA, attorney, and wealth manager coordination, (4) Operator background (team members are former owners), (5) Reputational standing in regional M&A community, (6) Exit Advantage™ preparation program for long-runway transitions, (7) Both buy-side and sell-side advisory capability, (8) Touchstone partnership expanding market reach and resource capacity.
Timeline & Contact
BTS has been actively closing deals through 2024-2025, including recent grocery market sale and manufacturing transitions. The firm welcomes initial conversations with business owners considering any timeline, from immediate sale to multi-year preparation planning.